Wealthsimple referral bonus explained

When people use a referral code like PGVORW, they're hoping to earn a bonus. But what exactly is a referral bonus? How much can you earn? What does it include? And why do the offers keep changing? Let's break it down.

What is a referral bonus?

A referral bonus is a reward Wealthsimple offers to encourage people to invite friends. When you sign up with a referral code, you're basically saying "I was referred by someone," and that opens the door to a bonus.

The bonus is typically given to both people:

The new person (you): Gets a bonus for signing up with a referral code
The referrer: Gets a bonus for bringing in a new customer

What forms can the bonus take?

Cash bonuses

Direct money added to your Wealthsimple account. Example: Sign up with a code and get $10, $25, $50, or more deposited into your cash balance or savings account.

Investment credits

Money you can invest. Example: Get $20 to invest in stocks, ETFs, or cryptocurrency. You own the investments; you just didn't have to provide the initial money.

Cryptocurrency rewards

Free crypto in your RRSP or TFSA. Example: Get a small amount of Bitcoin or Ethereum as a sign-up bonus.

Account perks

Waived fees, increased cashback, or account tier benefits. Example: First month free of premium features.

Combination offers

Multiple rewards bundled together. Example: $10 cash + $20 investment credit + free crypto.

How much is the bonus typically?

This varies widely and changes frequently. Historical examples:

$5 to $10 for basic referrals
$15 to $50 for promotional periods
$100+ during special campaigns

The amount depends on which service you're signing up for (investing, crypto, etc.) and the current promotion running.

Eligibility: you need to qualify

Just entering a code doesn't automatically give you the bonus. You typically need to meet certain requirements:

Common eligibility criteria

Make a deposit: You might need to deposit at least $25, $50, or $100
Complete identity verification: Full ID verification is usually required
Be a new customer: Existing Wealthsimple users might not qualify
Link a bank account: Some bonuses require successful bank connection
Time requirement: You might need to keep the account open for 30/60/90 days
Minimum investment: You could need to invest or hold a minimum amount

Age and location requirements

Usually must be 18+ and a Canadian resident
Some offers are limited to specific provinces
Some are only for new customers in the past 30 days

Why terms and bonuses change

Business decisions

Wealthsimple adjusts offers based on:

Customer acquisition costs: They balance what they're willing to spend to attract new users
Market conditions: During bull markets or high interest periods, they might offer different bonuses
Competition: Other investment apps offer competing bonuses, so Wealthsimple adjusts accordingly

Regulatory requirements

Financial regulations can affect promotion structure. Changes in Canadian rules might require different bonus structures.

Promotion cycles

Wealthsimple might run special campaigns for limited times:

January (New Year promotions)
Spring (tax season)
Consumer awareness weeks
Holiday periods

Outside these periods, bonuses might be smaller or unavailable.

What's NOT included

Common misunderstandings:

Not guaranteed: Even if you qualify, Wealthsimple could change or cancel the offer
Not permanent: Bonuses expire. You can typically only claim a referral bonus once
Doesn't cover fees: The bonus doesn't usually waive ongoing account fees (though some accounts are fee-free)
Not unlimited: There's usually a cap on how many people can refer you or how many times the bonus applies
Doesn't guarantee investment returns: A bonus is a bonus—it doesn't guarantee that your investments will go up

Timeline: when do you get your bonus?

Immediately: Some bonuses appear right away
After verification: Others wait until ID verification is complete
After deposit: Some require you to deposit money first
After waiting period: Some have a 30-90 day hold before the bonus is released
Monthly: Crypto bonuses might be added in monthly batches

Taxes and reporting

Important note: Referral bonuses might be considered taxable income in Canada. Keep records of:

When you received the bonus
The amount
What form it took (cash, crypto, etc.)

Consult a tax professional if you're unsure. We can't provide tax advice, but it's worth understanding this could affect your taxes.

Example: how this works in practice

Scenario: You sign up with code PGVORW

You create an account and enter code PGVORW
You complete identity verification (upload ID)
You link your bank account
You deposit $100
Within a few days, $25 appears in your account as a referral bonus
You now have $125 ($100 deposit + $25 bonus) to invest
The person who shared PGVORW also receives a bonus (amount varies)

Red flags: what to be careful about

No guarantees: Never sign up expecting a specific bonus amount. Offers change constantly.
Don't create multiple accounts: Some people try to sign up multiple times to get bonuses. This violates terms and can get you banned.
Verify before signup: Check Wealthsimple's official website for current bonus amounts just before signing up. Don't rely on outdated information.
Independent information: This page provides context, but we're not affiliated with Wealthsimple. Official terms are on their site.

How to maximize the bonus

Check current offers: Before signing up, visit Wealthsimple's official site to see what bonus is currently available
Meet eligibility requirements: Make sure you can meet all the criteria (deposit amount, verification, etc.)
Use a current code: Not all codes are active. PGVORW is a referral code, but verify it's still working before signup
Keep records: Document when you sign up and what bonus you receive
Don't rush: Take time to understand the account features; the bonus is just a small benefit

Questions about the bonus

Can I get multiple referral bonuses?

Typically no. You can only use a referral code during your initial signup. If you need a Wealthsimple account in the future, you'll create a new account, but eligibility might be different or restricted.

What if the referral bonus changes after I sign up but before I qualify?

This can happen. If the offer changes between signup and when you complete eligibility requirements, you typically get the older offer (whichever you qualified for). Check Wealthsimple's terms for clarity.

Is the bonus reported to CRA?

Potentially. Large bonuses or certain types may be reported. We recommend checking with a tax professional, but in general, treat bonuses as income.

Do I have to invest the bonus?

Depends on the type of bonus. If it's a cash bonus, you can usually keep it or move it. If it's an investment credit, it's tied to investments. Check the specific terms.

Key takeaways

A referral bonus is a reward for signing up with a code and meeting requirements
Bonuses can be cash, investment credits, crypto, or account perks
You must typically verify your identity, make a deposit, or meet other criteria
Offers change frequently—always verify current bonuses before signing up
Bonuses might be taxable. Keep records and consult a tax professional if needed
This page features code PGVORW, but verify current terms with Wealthsimple

Learn more

How to use the referral code
Wealthsimple Rewards Centre—track and manage your bonuses
Code vs link—understand the difference